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Brazil group ups its banana offer

Brazil's Cutrale Group and Safra Group again increased a bid to buy banana producer Chiquita, and so end its plan to merge with Ireland's Fyffes.

The latest bid is worth about €542.5m.

It's the second time Cutrale-Safra have sweetened their offer to $14.50 a share.

This is up from an earlier offer of $14 a share, and an original $13 approach.

Chiquita has until October 26 to accept the offer.

Chiquita shareholders are scheduled to vote on the planned tie-up with Fyffes today.

If they do they will create the world's biggest banana company.

It will be owned 60pc by Chiquita's shareholders and 40pc by Fyffes shareholders.

Chiquita rejected Cutrale Group and Safra Group's last offer as "inadequate."